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Exchange Rate Regimes and Revenue Performance in Sub-Saharan Africa

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  • C S Adam, D L Bevan and G Chambas

Abstract

It has been argued that the institutions of the CFA Franc zone may have reduced inflation but that they also induced misalignment of the real exchange rate and that this is the explanation for their dismal revenue performance. This paper uses a panel of 22 countries in sub-Saharan Africa to estimate revenue performance over the period from 1980 to 1996. It finds that the poor cumulative relative revenue performance of the franc zone countries is mainly attributable to differences in environmental and structural factors, and to their different responses to changes in the equilibrium real exchange rate, but that the misalignment of the real exchange rate also played a part.

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Paper provided by Queen Elizabeth House, University of Oxford in its series QEH Working Papers with number qehwps35.

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Handle: RePEc:qeh:qehwps:qehwps35

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  1. Ibrahim A. Elbadawi & Raimundo Soto, . "Real Exchange Rates and Macroeconomic Adjustment in Sub-Sahara Africa and Other Developing Countries," ILADES-Georgetown University Working Papers inv093, Ilades-Georgetown University, Universidad Alberto Hurtado/School of Economics and Bussines.
  2. Pesaran, M. Hashem & Smith, Ron, 1995. "Estimating long-run relationships from dynamic heterogeneous panels," Journal of Econometrics, Elsevier, vol. 68(1), pages 79-113, July.
  3. Karim Nashashibi & Stefania Bazzoni, 1994. "Exchange Rate Strategies and Fiscal Performance in Sub-Saharan Africa," IMF Staff Papers, Palgrave Macmillan, vol. 41(1), pages 76-122, March.
  4. Dhaneshwar Ghura, 1998. "Tax Revenue in Sub-Saharan Africa," IMF Working Papers 98/135, International Monetary Fund.
  5. Leuthold, Jane H., 1991. "Tax shares in developing economies A panel study," Journal of Development Economics, Elsevier, vol. 35(1), pages 173-185, January.
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Cited by:
  1. Guillermo J. Vuletin, 2004. "Exchange Rate Regimes And Fiscal Performance. Do Fixed Exchange Rate Regimes Generate More Discipline Than Flexible Ones?," Econometric Society 2004 North American Winter Meetings 474, Econometric Society.
  2. Terence D.Agbeyegbe & Janet G. Stotsky & Asegedech WoldeMariam, 2004. "Trade Liberalization, Exchange Rate Changes, and Tax Revenue in Sub-Saharan Africa," Economics Working Paper Archive at Hunter College 403, Hunter College Department of Economics, revised 2004.
  3. Catherine A. Pattillo & Paul R. Masson, 2001. "Monetary Union in West Africa," IMF Working Papers 01/34, International Monetary Fund.
  4. Helene Ehrhart, 2012. "Assessing the relationship between democracy and domestic taxes in developing countries," Economics Bulletin, AccessEcon, vol. 32(1), pages 551-566.
  5. Ehrhart, H., 2013. "Elections and the structure of taxation in developing countries," Working papers 419, Banque de France.
  6. Hélène Ehrhart & Samuel Guerineau, 2012. "Commodity price volatility and Tax revenues: Evidence from developing countries," Working Papers halshs-00658210, HAL.
  7. Guillermo Javier Vúletin, 2002. "Regímenes Cambiarios y Performance Fiscal ¿Generan los Regímenes Fijos Mayor Disciplina que los Flexibles?," Department of Economics, Working Papers 042, Departamento de Economía, Facultad de Ciencias Económicas, Universidad Nacional de La Plata.
  8. Brückner, Markus, 2012. "An instrumental variables approach to estimating tax revenue elasticities: Evidence from Sub-Saharan Africa," Journal of Development Economics, Elsevier, vol. 98(2), pages 220-227.
  9. Samuel Guerineau & Hélène Ehrhart, 2012. "The impact of high and volatile commodity prices on public finances: Evidence from developing countries," Working Papers halshs-00659100, HAL.
  10. Sèna Kimm Gnangnon, 2012. "An analysis of duration dependence of government revenue expansions and contractions in Developing Countries," Working Papers halshs-00722083, HAL.
  11. World Bank, 2004. "Senegal - Policies and Strategies for Accelerated Growth and Poverty Reduction : A Country Economic Memorandum," World Bank Other Operational Studies 14716, The World Bank.
  12. Heidhues, Franz & Obare, Gideon, 0. "Lessons from Structural Adjustment Programmes and their Effects in Africa," Quarterly Journal of International Agriculture, Humboldt-Universität zu Berlin, vol. 50.
  13. Hisali, Eria, 2012. "Trade policy reform and international trade tax revenue in Uganda," Economic Modelling, Elsevier, vol. 29(6), pages 2144-2154.
  14. Isidro Hernandez Rodríguez, 2011. "Tributación y desarrollo en perspectiva," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 13(24), pages 271-302, January-J.
  15. Li, Ying & Rowe, Francis, 2007. "Aid inflows and the real effective exchange rate in Tanzania," Policy Research Working Paper Series 4456, The World Bank.
  16. Samuel Guerineau & Hélène Ehrhart, 2012. "The impact of high and volatile commodity prices on public finances: Evidence from developing countries," Working Papers halshs-00659098, HAL.

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